By using an historical approach, this paper supports the idea that the popularity of lottery-linked financial assets does not corne from an abnormally high expected retum, but from their original framework that combines gambling and savings. We show that these kinds of assets are very famous and...

In this article, we determine the optimal design of lottery-linked savings (LLS) programmes. LLS vehicles, such as lottery bonds, are financial instruments that preserve depositors' principal but provide randomized variable returns to these depositors through periodic lottery drawings, <italic>in lieu</italic>...